October 25, 2016 7:28 AM ET


Company Overview of Protective Life Insurance Company

Company Overview

Protective Life Insurance Company, a stock life insurance company, provides financial services through the production, distribution, and administration of insurance and investment products primarily in the United States. The company operates through Life Marketing, Acquisitions, Annuities, Stable Value Products, and Asset Protection segments. The Life Marketing segment markets fixed universal life, indexed universal life, variable universe life, bank-owned life, and level premium term insurance products through a network of independent insurance agents and brokers, broker-dealers, financial institutions, and independent marketing organizations. The Acquisitions segment acquires, converts, an...

2801 Highway 280 South

Birmingham, AL 35223

United States

Founded in 1907

2,537 Employees

Key Executives for Protective Life Insurance Company

Chairman of the Board, Chief Executive Officer, President, Chairman of Protective Life Corporation, Chief Executive Officer of Protective Life Corporation and President of Protective Life Corporation
Age: 64
Vice Chairman and Chief Financial Officer
Age: 55
Chief Investment Officer and Executive Vice President
Age: 59
Executive Vice President, General Counsel and Secretary
Age: 62
Chief Accounting Officer, Senior Vice President and Controller
Age: 56
Compensation as of Fiscal Year 2016.

Protective Life Insurance Company Key Developments

Protective Life Insurance Announces Earnings Results for the First Quarter Ended March 31, 2016

Protective Life Insurance announced earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported pretax operating loss of $1.11 billion as commissions and expense allowances on reinsurance assumed of $1.96 billion more than offset $733.6 million in commissions and expense allowances on reinsurance ceded. Net income was $648 million in upon the retrocession to Golden Gate Captive, or 35% of its initial net gain. The company included the remaining $1.2 billion of the initial net gain as a component of surplus, which it will amortize into income in future periods. The company and its affiliates generated net premiums of $724.5 million, up from $655.2 million in the year-earlier period.

Protective Life Insurance Company Names Aaron Seurkamp as Chief Sales Officer

Protective Life Insurance Company announced that Aaron Seurkamp has been named chief sales officer. This position boosts the organization's resources to drive innovation, new business opportunities and distinctive customer experience. In his role as chief sales officer, Seurkamp will lead both life and annuity sales activity. He joined Protective in 2004, and has served various leadership positions during his tenure, most recently as senior vice president, life insurance sales.

Protective Life Insurance Company and Protective Life Corporation Enters Amended and Restated Credit Agreement with the Several Lenders

On February 2, 2015, Protective Life Corporation and Protective Life Insurance Company (together, the Borrowers), entered into an Amended and Restated Credit Agreement with the several lenders from time to time a party thereto, Regions Bank, as Administrative Agent, to provide for a $1 billion five-year unsecured revolving credit facility. The Credit Agreement includes a $500 million sublimit for the potential issuance of letters of credit and a $50 million sublimit for swingline advances. The Borrowers have the right in certain circumstances to request that the commitment under the New Credit Facility be increased to a maximum amount of $1.25 billion. Borrowings made available under the New Credit Facility may be used for general corporate purposes. Borrowings under the New Credit Facility must be repaid by February 2, 2020. The New Credit Facility amends and restates in its entirety the credit facility, dated July 17, 2012, among the Borrowers, Regions Bank, as Administrative Agent and the lenders party thereto. Revolving credit borrowings under the New Credit Facility will bear interest at a rate equal to, at the option of the Borrowers, (i) the London Interbank Offered Rate, for the applicable period, plus a spread based on the ratings of PLC's senior unsecured long-term debt, or (ii) the sum of (A) a rate equal to the high of (x) the Administrative Agent's prime rate, (y) 0.50% above the Federal Funds rate, or (z) the one-month LIBOR plus 1.00% and (B) a spread based on the ratings of PLC's Senior Debt (which spread is currently 0.10%). The New Credit Facility also provides for a facility fee at a rate that also varies with the ratings of PLC's Senior Debt and that is calculated on the aggregate amount of commitments under the New Credit Facility, whether used or unused.

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